Rio Tinto’s surprise CEO hunt
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 28 May 2025
⏱️ 11 minutes
🧾️ Download transcript
Summary
US stocks jumped yesterday after President Donald Trump said trade talks with the EU were headed in a "positive" direction, and McKinsey cut 10 per cent of its staff in an effort to increase profits. Plus, Asian currencies are getting a boost from investors’ bets on US trade deals and the FT’s Leslie Hook explains what’s next for Rio Tinto after it asked its chief executive Jakob Stausholm to step down.
Mentioned in this podcast:
US stocks jump as Donald Trump touts ‘positive’ progress on EU trade talks
Asian currencies boosted by investor bets on US trade deals
McKinsey sheds 10% of staff in two-year profitability drive
Rio ousted chief Jakob Stausholm to seek boss with more mining experience
Today’s FT News Briefing was produced by Sonja Hutson, and Marc Filippino. Additional help from Blake Maples and Michael Lello. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | We're Equinor, an energy company searching for better. Currently, we supply 27% of the UK's gas, |
| 0:07.0 | 15% of its oil, and we're playing our part in the UK's energy transition. In 2023, we invested |
| 0:14.1 | 20% of our global gross spend in renewables and lower carbon solutions. Today, our wind farms power |
| 0:20.0 | 750,000 homes, and we expect this to grow to |
| 0:23.3 | over 7 million UK households. We're an energy company searching for better. Equinor.com. |
| 0:29.0 | UK. |
| 0:32.4 | Good morning from the Financial Times. Today is Wednesday, May 28th. And this is your FT News briefing. |
| 0:38.8 | US stocks came out of a long weekend with some pep in their step, and Asian currencies |
| 0:43.4 | are having a party of their own. Plus, Rio Tinto is on a surprise hunt for a new CEO. |
| 0:51.2 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:56.7 | Investors on Wall Street got excited by some trade news yesterday. |
| 1:00.6 | The S&P 500 ended the day up a little bit more than 2%, and the NASDAQ rose by nearly 2.5%. |
| 1:07.0 | U.S. stocks rallied after President Donald Trump said trade talks with the European Union were moving in a positive direction, and that the block had called to quickly establish meeting dates. |
| 1:18.8 | Over the weekend, Trump agreed to delay 50% tariffs on the EU until July 9th. |
| 1:24.5 | European equities also got a bump from all this tariff news. The stock 600 has risen one and a third percent this week. |
| 1:38.0 | Asian currencies seem to be a winner in the global trade war. The Korean wonWan, Japanese yen, and Taiwan dollar have all |
| 1:45.8 | rallied in the past few weeks. Investors are betting that currency deals will be part of trade |
| 1:51.3 | negotiations for the U.S. Here to explain is the FTs William Sandlett. Hey, William. |
| 1:56.8 | Hi, Mark. William, tell me a little bit about what investors are betting on that's causing |
| 2:02.0 | these currencies to jump in value. So it seems to be that there are expectations that as these |
| 2:08.0 | trade negotiations unfold with the U.S., one of the conditions will be less intervention |
| 2:14.7 | from central banks into 4X markets. We saw a pattern where whenever, let's say, |
... |
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